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tv   [untitled]    October 3, 2010 12:30pm-1:00pm EDT

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inten and new york and the rest of the country something like over sixty percent of the policymakers in washington think the country is on the right track over seventy percent of people in america as a whole think it's on the wrong track so it's almost as if washington is living in a little economic bubble be unemployment statistic you mentioned nine point five percent that's actually a narrow measure of unemployment a lot of people increasingly are looking to a measurement that includes. long term discouraged workers have to more like seventeen percent i mean that some are seeing even closer to twenty exactly know that. there are a lot of people who don't have work and the reaction in washington is very peculiar you know reagan hardly liberal reacted much more strongly to much lower unemployment well if washington is living in this economic bubble as you put it would you see these numbers are bound to continue to get worse well i think it's very likely means we'll certainly i don't think they're going to get better anytime soon most people expect that the economy is going to take a very long time to recover let me ask you this your wall street insider you've
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been in the financial industry for over twenty five years do you think anyone on wall street realizes and feels responsible for this house of cards having tumbled down i've met selected individuals who feel very bad and feel some responsibility but having said that you read the media i mean and you speak to people on wall street and the attitude as a whole is this parity of the masters of the universe attitude they honestly think they're the drivers of the economy they are and they don't understand they think the anger against them is undeserved they're genuinely upset that obama's been calling the bad names i don't want obama has said is minor compared to what roosevelt said about the bankers in the one nine hundred thirty s. and what obama has continued to have very bank friendly policies of the fact that all they're getting is called a few bad names occasionally is astonishing compared to what ought to be happening when many people are asking themselves why is bernie madoff the only person who pretty much got one hundred fifty years in prison why are there. wall street
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c.e.o.'s walking around in expensive suits and really continuing to live the high life what is the answer to their two problems one is that normally when you take over banks or significantly finance firm you know normal private sector investor you know when warren buffett came in invest in solomon brothers the management had already been cleaned out but if it had gotten that much trouble he would have thrown the management out normally a private investor and most governments when they rescue a bank will get rid of the management get rid of the board install new people that didn't happen and to your point about criminal one of the problems of deregulation in the united states is the regulations have been regulations and laws have been so weakened over the last twenty years that a lot of what by any common sense standards should be criminal is not permitted or worst it's what they call civil you can sue them but you can't throw any but you can sue the companies but you can't throw anybody in jail why is that because many saying what happened is fraud in your book call and you say that what happened in the us is the greatest theft from the public purse in history and many analysts all
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over the united states are acknowledging this who is supposed to acknowledge this over in washington d.c. who is supposed to say that react to that as well it's finally started to happen it's funny because this morning. some congressmen started using the word fraud so it's been so they're beginning to talk about criminal activity to begin to talk about fraud but the irony is the way things have been designed basically if you can get your accounting firm to sign off on what you did no matter or you've told them no matter how crooked it is you as a c.e.o. or a senior officer get a free pass literally that's how this goes you know they were very clever in b. in their dishonesty in terms of finding ways to do things that that were incredibly misleading and yet they might be able to get away with so what they were doing with their accounting books that was the biggest crime either because well the biggest one of the other one was that there was a lot of there was a lot of bonus gaming one activity that. happened on
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a widespread basis was that traders figured out a way to hedge their risks on the of of aaa what looked like aaa instruments that were called collateralized debt obligations and the way those worked was that if they took these these particular collateralized debt obligations and then hedge them they could take all of the future profits and that counted in their bonuses this year that was kind of what took so you know their business the sum to get paid a bonus on profit they haven't earned yet and yet this happened on a widespread basis this risky behavior this questionable behavior that you describe . it's not illegal is it and if it is why did it go on for as long as it was a problem if you get enough people to sign off on that a lot of the stuff winds up not being illegal now in your book you describe the bush administration the obama administration as having been hostage of the financial industry is that true and how how is this reflected on life post the financial meltdown of the sort of two ways or hostage one unfortunately is in the
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environment we have in the us with so much of campaign contributions coming from wall street depending on the year there is the biggest source of fund raising or the second biggest source of corporate campaign dollars and now the rules have been changed in the u.s. to allow camp corporations to give even more to political candidates not so much directly through campaign contributions but through advertising support of different sort of basically wall street in washington they continue sleeping in the same bed exactly exactly in the second bit is that now there's a belief in washington which i think is a very bad belief is that america's only competitive in financial services that we can't possibly hope to compete in any other industry and there's a there was also a fear in the run up to in particular in the in the crisis itself that oh my god if you know the markets were to seize up you know the whole thing the whole house of cards would collapse and therefore we had to a seed to these banks and give them everything they wanted we had to go in and bail
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them out no questions asked there was just there was an unwillingness to actually take the corrective measures and i could still see defending bailing out the financial system on an emergency basis but not doing anything with the management is just crazy and yet again they were hostage to the beauty of these these businesses are very complicated we need the season people to run them these are the season people who ran them these businesses into the ditch you know why we were warning failure you know we with general motors management was made to produce plans management was forced out a lot of people took in the company took hits the unions on up. you know and wall street wasn't you know you can look at the bailouts why wasn't it the same thing done to wall street i mean it's it's inexcusable yet that's exactly what happened speaking of rewarding failure you mention you called bailout heinous in your book you describe it as something that's definitely should not have happened yet it did how do you think that things would be different now had it not taken place what we'd have we would probably have wondered at least one or two of the large banks
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which would have been nationalized and that was also part of why didn't happen here nationalization in america has a very bad name in fact we take over banks all the time i think it's a very different attitude from wall street if that happened and we'd also see we'd also see some clearing out of the housing market the government is trying to pretend that and big sectors of wall street the things aren't as bad as they really are that we've got i talked before about sort of phony valuations we still have a lot of phony valuations of mortgage related paper if we put aside the corporations and the banks and wall street if we talk about the common americans the millions out there without all. their life be better and if the bailout. in place is the price that would have been paid was we would have a worse initial downturn we probably would actually see unemployment get worse the better course is typically to take take your lumps you take your pain you write down all the bad crap in the system that usually is all to much worse down to
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a much worse but a very short downturn a very severe short downturn you clean it up and then you have a pretty quick trajectory out so what this point two years on people would probably doing doing better and if you do you see as you as you have seen more probably more we probably see more employment but you would see shorter periods of unemployment you wouldn't see this because people are now look at their people now who will never who are in there over forty who will never come back in the job market we would have seen higher unemployment but we see we've brought now would be on a path to stronger recovery than we are now and there's been quite a lot of talk lately about whether or not capitalism as a system in the united states should be reconned. heard is that something that's possible or is this something that's so deeply rooted in the core of society in america that it's not going to happen definitely not in our lifetime but capitalism takes a number of different forms that's one of the problems in america whenever you say capitalism it's code for the kind of capitalism we have now you've got countries where you know sweden the scandinavian countries are capitalist and yet they and their they've been very successful and yet they have
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a lot more state intervention there's a tremendous amount of denial in the fact that through the crisis we've gone through a big sea change in fact we have this weird system now where these miscreant companies are permitted to operate like the private businesses one by all standards they should be nationalized there is so much support of the banking industry right now that that it's basically an arm of the state this is just perverse but we perfectly reasonable for governments to demand a lot more accountability and demand a lot and have a lot more oversight in particularly in the area of pay i mean it's a third rail issue to say anything about pay in the united states and yet these bonuses that the banks are earning are coming off the back of the taxpayer why shouldn't we have more say this is just crazy how much of what went on leading up to the crisis and during the crisis and post this crisis that really shook the entire country how much was covered up how much does the real common american know about oh i got tremendous amount has been covered up i mean one of the things
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you're going to see more news coming out over the next six months is on the front the government is really trying to get. out of its hair there actually is a lot more trouble. than most people realize the government is hoping to distance itself from a g. before before some of the problems that it should have dealt with there are revealed but i mean that that's just an example that it's widely known in the profession and in the professional circles that a lot of that's going on is phony baloney and yet wall street is both wall street. and washington d.c. you are acting like this is normal and it should be celebrated that you everything's better when it was all been you know papered over with duct tape and baling wire it's this it's not healthy what's what's going on beneath the surface he smith thank you very much for sitting down with us today thank you.
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england and friends tried to reason with hitler germany demands of the command and gets its way they also have been treated to safety nets for themselves and nothing . the whole of europe isn't in war efforts to establish a system of collective security nine hundred thirty eight fail and it's still on the agenda. the lessons to be learned from the munich agreement on our t.v. .
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news today violence is once again flared up. these are the images cold world has been seeing from the streets of canada. operations to rule the day.
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top stories from the week moscow's. after almost two decades in charge the president says he lost trust in the company's leading. rusher is a rising sun in the east with a major oil pipeline to china helping to clear the way for future big deals with its biggest trading partner. and the double edged sword of afghanistan's deadly drugs crop of destroyed swathes of opium the surgeon who would present keep officials close more in mind dot com the latest you can also go twenty forty five moscow time i can see you know the numbers when it's time for sport you know the tide doesn't look to be turning some more in the ryder cup it does yeah the last two runs the u.s. have finished on top but now it's europe who are in the ascendancy off on
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a very hard to blow in the welsh weather being welsh most of it was my old stomping ground and you cannot be talking a lot when you come from but the world's weather has caused a lot of problems as. to how it is going to go into four days for the first time in its eighty three year history the ryder cup it's historic and more not as coming up the grass green in a minute. this is sports today i'm getting mail on vee's are headlines missed opportunity championship being can only draw in sunday's opening premier league clash leaders in neat record yet another win. what's another day singles action at the ryder cup monday with action now underway in south wales after eight elite storm. eastern promises r t chronicles the revival of sport in one of
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russia's most stunning and remote areas the. two of our report coming your way shortly. rubin's hopes of recording a russian premier league title suffered a blow on sunday that has on side only mustering a draw against rock bottom beer it has to be said though that the first goal of the game came against the run of play french when steve ran a nodding home for severe right before the half hour mark it was really the second half before the visitors could conjure up a worthy response salvatore machete judge has been felt in the area. only the rest from the spot. being pushed on from julie took the lead chatty composure personified ten minutes from time but any hopes of all three points were dashed just minutes later a man ally of picking up the scrawl from
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a loss is free kick. with end. new problems for third place at home to rust off they are mean then dominance turned into hard currency on thirty five minutes in form striker letting rip for one nil certainly with another look at. the blue bird brazilian doing up his brace right before the break stepping up to convert. the spot kick he want to self. dick advocaat he was there maybe wishing he had love. for the upcoming euro two thousand and twelve qualifiers to know how it ended up in. joint fourth spot in the table the red and whites unfold in an. only goal of the game coming from. twenty two minutes but the ball.
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is anyone's guess. banco cursing is look after this long range effort just put every sports got a touch in the six yard box here. no matter the final score. but it is still. the only side extending their. points with a full three games on second seeded routine petersburg team getting the better of high flying. by three. days final between. just kicked off and there is no. goal for the ryder cup will be heading into monday for the first time in its eighty three year history. along with europe in the lead early actions previously brilliant tiger woods and
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steve stricker full of parts. more than up to the challenge on it a dreary morning session for the world of. the feet the europeans continue to gain momentum in. the lead nine. extra one so it's nine. another result very shortly. ok let's move to move to g.p. where casey stoner shifted into another gear as the twenty ten moto g.p. season draws to an end the australian came in his second straight victory after seeing off pole starter. it's. never previously started at the front of the grid but almost made the most of it today stoner proving when able to use the points that are on the day an epic battle meanwhile between yamaha stablemates valentino rossi and for haye the red into the perth
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fighting to be in the winning champion rossi taking the third championship really lorenzo's though at this stage there he does lead by a massive sixty nine points with four races to. now when you think sport and russia . are the obvious heavyweights fueling to the come check as a beacon of world class activity but the country's furthest eastern region has been busy attempting to rediscover its soviet style sure a time when sport and success went on then but among cost rev takes up part two of our come in focus series. better a bubble of scum chatzky or the city of st peter and st paul had its golden age of sport last century when still part of the soviet union thanks then people came for the higher wages excellent seafood and stories of unrivalled hospitality that's why this remote peninsula became the center for solve its alpine skiing was that the
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national this is ascii kingdon you see here every child has their own store and place to ski. uses the famous are grand all ski method of teaching alpine skiing to children she is the first female snow leopard a title given to mountaineers who reached the summit of the soviet union for seven thousand meter peaks she did it seven times over but this is a her passion lies in helping future skiers develop their skills from a young age. who can check a tent out to be the best place to raising our penske is the city has a lot of places the higher education as well as high schools basically an athlete has all the advantages of a big city starting from kindergarten to university they can train and returned home in the same day becoming champions in the process back in the day when soviet alpine skiers were far more successful than their modern day equivalents they are bred champions like varvara. almost all of the soviet and russian alpine skiers
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develop their skills right here in this unique base now why is it unique or part of the reason is forty years ago this place was filled literally by hands with the help of local administration and the people themselves now let's go and take a look at what they have accomplished so far. look i got off along with her daughter all gonna continue to train children and develop their coaching technique most of the equipment at this center was invented by her and her late husband garam and her partner in all aspects of their life's work and the simple looking devices invented a few decades ago continued to be used to develop the skills and physique of future athletes imagine what they could do with modern equipment well that's apparently on its way the annual running day and event held across the country to promote a healthy lifestyle mainly young people public and government involvement is vital when it comes to offering alternatives to the modern dates impatiens facing today's
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youth needed to develop suitable infrastructure and it was not just sort of sports is one way to keep youth off the streets and we supported by holding various competition throughout the year infrastructure is one area though that needs drastic improvement because it's ineffective and simply not fun to train with just fresh air we've tackled the problem head on is part of a government program to renew sports infrastructure and continue to construct brand new sports centers as a matter of fact we've already held two and you will advance at our new state of the art biathlon center. a shortage of modern training facilities has plagued the region stalling any new sporting achievements but new multi-functional sports centers hope to make that excuse thing of the past. this center is unique to can chart professional and amateur athletes now have a much larger choice of sports actually we can hold a competition at any level here from football to books and domestics. these young
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men and women are just some of the athletes who will be able to use the facilities and offer. karate is among the martial arts popular after becoming widely available income chuck a twenty years ago some more students then are coaches now continuing to past their knowledge to the next generation one problem remains though the region's remoteness from mainland russia prevents athletes acquiring and enough competition experience in comparison to other places in the country national review and we like competition experience because it's quite hard time to expensive for other clubs and federations to reach come caps and vice versa but this year we pooled our resources along with the local sports authorities and we'll hold the top regional karate events hopefully we'll have one every year for the paralympic athletes also hold to compete more the russian team continues to impress on the world stage year after year many of them come from remote places like they come chock a region but sometimes that's where the nation's real treasures are hidden like the
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people who devote themselves to helping improve the lives of others and i tell you evacuate has been a paralympic gold since one thousand nine hundred six and has witnessed a lot of change what remains constant though is her desire to come here every day and push her students to achieve the best results they can i think having had that that government attention to the paralympic athletes has increased since i first started i believe in just one of the reasons russia's paralympians are one of the best teams and i also do my best so that there will be more champions from contempt if not if not well that was the region sport in a nutshell if you missed it one look at syria's income chaka is online at r.t. dot com romana costs are r t the come child care region far east. really does look a fascinating case doesn't it well that is all your sport i'll see you in just under two hours time for more weathers next.
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hungry for the full story we've got it first the biggest issues get the human voice face to face with the news makers on our t.v. .
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wealthy british style the stock. market. can. find out what's really happening to the global economy. for a no holds barred global financial headlines to conjure reports. this . twist.
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for list of. top stories from the wake of moscow's marris. two decades in charge the president says he lost trust in the capital's me. a rising sun in the east of a major oil pipeline to china helping to clear the way for future big deals with its biggest trading partner. the double edged sword of. deadly drugs a virus destroys swathes of opium poppies but surging ahead. to .
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well it's nine pm sunday night here in moscow you're most welcome mrs arty and it's kevin owen here with a round of of the top stories from the week for you and moscow's long serving mayor who was shown the door by the president this last week dmitri medvedev said he lost confidence in your cough who had worked eighteen years as the capital's chief leaves behind a controversial legacy loved by some but hated by others as that is where if a national. crisis i decided to dismiss the mayor of moscow the decree i signed states that i as president have lost trust in your english gov. once deprived of power he found support to the top was hard to come by which will ensure it's obvious that professional relations between the president and moscow had worsened meanwhile the man is subordinate to the president and not the other way around certain steps should have been taken to return the situation back to normal so where did it all go wrong.


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